DTN Closing Livestock Comment 11/03 16:45
3 Nov 2017
DTN Closing Livestock Comment 11/03 16:45 Cattle Futures Close Explosive Week with Explosive Prices The cattle complex settled with triple-digit gains, powered by greater packer spending, bullish technical considerations and aggressive short-covering. Lean hog futures settled mostly lower, pressured by late-week long-liquidation and softening cash business. By John Harrington DTN Livestock Analyst GENERAL COMMENTS The cash cattle trade was generally quiet Friday following aggressive packer buying on Thursday. Scattered sales were noted in parts of the North (e.g. $192 dressed/$124-$125 live). The National hog base closed off $0.91 compared with the Prior Day settlement ($56.50-$63, weighted average $62.33). From Friday to Friday, livestock futures scored the following changes: Dec LC up $6.48; Feb LC up $6; Nov FC up $4.40; Jan FC up $5.57; Dec LH up $0.65; Feb LH up $1.72. Corn futures closed generally 0.02 cent lower, pressured by spillover selling from the bean market and a general lack of buying interest. The stock market closed higher with the Dow better by 22 points and the Nasdaq positive by 49.